I'll estimate the FFO/Net Debt ratio for Terna S.p.A. for 2022 based on S&P methodology.

## Step 1: Calculate Funds From Operations (FFO)

S&P's FFO is essentially:
**FFO = Net Income + Depreciation & Amortization + Deferred Taxes + Other Non-Cash Items - Gains on Asset Sales**

Alternatively, S&P defines FFO as:
**FFO = Cash Flow from Operations + Interest Paid (net of capitalized interest) + Tax Paid - Interest Received (already in CFO) adjusted for working capital changes**

More precisely, S&P FFO = Net Income attributable to parent + D&A + Non-cash adjustments (excluding working capital changes)

Let me use the simpler approach:

**FFO ≈ Cash Flows from Operating Activities + Net Interest Paid + Taxes Paid - (changes in working capital and other operating items that are already included)**

Actually, the most straightforward S&P approach:

**FFO = Profit Loss + D&A + Deferred tax adjustments + other non-cash items**

Using the data:
- Profit/Loss: 857,700,000 EUR (2022-01-01 to 2023-01-01 period, which represents FY2022)
- D&A: 725,700,000 EUR
- Non-cash provisions: 51,700,000 EUR
- Gains on disposals: -6,900,000 EUR (subtract gains)
- Other non-cash: -24,100,000 EUR
- Less: Profit from discontinued operations adjustment: Loss of -20,300,000 (already in net income)

**FFO ≈ 857,700,000 + 725,700,000 + 51,700,000 - 6,900,000 - 24,100,000 ≈ 1,604,100,000 EUR**

S&P typically also adjusts for hybrid bond treatment. The 989M hybrid bond - S&P typically gives 50% equity credit, meaning ~50% of coupon (21,100,000) would be treated as interest. But let me keep it simpler.

## Step 2: Calculate Net Debt

S&P Net Debt = Total Debt - Cash and Liquid Investments + Adjustments

**Total Debt:**
- Long-term borrowings: 8,416,700,000
- Short-term borrowings: 444,100,000
- Current portion of long-term borrowings: 1,909,300,000
- Non-current financial liabilities: 247,200,000
- Current financial liabilities: 44,900,000

Total Gross Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 + 247,200,000 + 44,900,000 = **11,062,200,000 EUR**

S&P would typically assign 50% equity credit to the hybrid bond (989M), reducing debt by ~494,500,000.

Adjusted Debt = 11,062,200,000 - 494,500,000 = **10,567,700,000 EUR**

**Cash and liquid investments:**
- Cash: 2,155,100,000
- Current financial assets: 255,300,000
- Total: 2,410,400,000

S&P typically doesn't net all cash. They may net surplus cash but often for utilities, they net a limited amount. Let me assume they net cash and short-term investments:

**Net Debt = 10,567,700,000 - 2,410,400,000 = 8,157,300,000 EUR**

However, S&P often adds operating lease obligations and pension adjustments. Pensions are relatively small (48,400,000). Let's add those:

**Adjusted Net Debt ≈ 8,157,300,000 + 48,400,000 ≈ 8,205,700,000 EUR**

## Step 3: FFO/Net Debt

Also adjusting FFO for hybrid (removing ~50% of coupon as interest-like):
FFO adjusted ≈ 1,604,100,000 - 10,550,000 ≈ 1,593,550,000

**FFO/Net Debt ≈ 1,593,550,000 / 8,205,700,000 ≈ 0.194 or ~19.4%**

Rounding and given estimation uncertainties, approximately **19-20%**.

<answer>0.194</answer>